Golden Week for Hong Kong Art Auctions

Art Basel Hong Kong 2026 concluded successfully, drawing 91,500 visitors and over 170 visiting institutions, with robust sales beginning from the preview. Concurrently, Hong Kong's art market buzzed with activity: galleries opened new exhibitions, major auction houses like Sotheby's, Christie's, and Phillips achieved exceptional results, and collectors engaged vigorously. Here's a look at the week's highlights.

Joan Mitchell Leads Sales at Sotheby's Hong Kong

Sunday, March 29, marked a "white glove" sale at Sotheby's Hong Kong—meaning 100% of lots were sold. A standout was Joan Mitchell's La Grande Vallée VII, which fetched over HK$100 million (US$17.6 million), making it the top lot sold in Asia this season and the most expensive work by a female artist ever auctioned in Asia. Over the following 36 hours, Sotheby's achieved three new auction records for Eugène Carrière, Kim Lim, and Ugo Rondinone. Additionally, Mark Rothko's No. 10, a piece from his Multiform series, set a record for the series, selling for nearly double its high estimate after competitive bidding, including from a collector in their thirties. Sotheby's Maison welcomed no fewer than 44,500 visitors in the preceding two weeks, who viewed the lots before the final auction outcomes.

In numerical terms, the combined sales total for Sotheby's—comprising one evening sale and two day sales—reached HK$711,804,400 (US$91,256,974). This represents an increase of nearly 60% compared to the previous season's total (September 2025), with 99.7% sold by value. The sell-through rate was also impressive: 100% for the modern and contemporary art evening sale and almost 97% (by lot) for the two combined day sales.

All works by Sanyu and Zao Wou-Ki were successfully sold. A piece by Wu Guanzhong particularly stood out, attracting seven bidders and 32 bids, ultimately selling for nearly three times its high estimate in the evening sale. Historical objects and artifacts, which comprised almost 20% of the cross-category evening sale lots (designed to attract a broader audience), also drew in young collectors. This included a 15th-16th century Joseon dynasty Amamori kohiki vase, which exceeded its high estimate and was acquired by a collector in their thirties.

Christie's Hong Kong: Growth Across All Metrics Compared to 2025

Rival auction house Christie's also reported impressive results amidst its 40th-anniversary celebrations in the region. Their series of live spring auctions, held from March 27-28 and dedicated to 20th and 21st-century art, achieved a total of HK$886,876,790 (US$113,337,256). Overall, 94% of lots were sold, with hammer prices exceeding the low estimate by 121%, and 52% of lots selling above their high estimates. "All parameters showed growth compared to Spring 2025," stated a Christie's press release. Among the top lots was Gerhard Richter's Abstraktes Bild, which soared to HK$92,100,000 (US$11,769,799).

The overall selection of modern Chinese art proved highly competitive, with 100% of works sold, spearheaded by a striking horse painting by Sanyu, which realized HK$63,940,000 (US$8,171,128). Reflecting the diverse tastes of Asian collectors, 14 new auction records were set across the sales series for artists ranging from Old Masters to emerging contemporary talents worldwide. Collectors vied for works across all price points over the two auction days, resulting in exceptional hammer prices, exceeding low estimates by 135%. A magnificent offering of Southeast Asian art was highlighted by a landscape by Walter Spies, which set a new world auction record, while the highly sought-after private collection of Vietnamese art from Melchior Dejouany sold for 154% above its low estimate.

Phillips Achieves New Auction Record for Liu Dan

Phillips' Hong Kong auctions during Art Basel week also saw excellent results. Liu Dan's Dictionary set a new record, selling for HK$11,505,000 (US$1,469,189). Other significant sales included HK$6,708,000 (US$856,612) for a work by Zhang Xiaogang and HK$6,450,000 (US$823,665) for Yayoi Kusama's Sunset Afterglow inside MyHeart. Danielle So, Phillips' Hong Kong Head of Auctions, Modern & Contemporary Art, commented, "We are delighted that our Modern & Contemporary Art evening auction in Hong Kong delivered exceptional results, with a total exceeding its pre-sale high estimate by 30%. Notably, 60% of the lots achieved prices above their respective high estimates, reflecting strong demand for our thoughtfully curated selection of works that resonate across generations and geographies. Highlights included a new auction record for Liu Dan, one of the most influential figures in contemporary Chinese ink painting; the second-highest auction price for Adam Pendleton, a leading voice in contemporary art; and an extremely rare, impeccably-provenanced work by Impressionist painter Pierre-Auguste Renoir, which fetched over double its low pre-sale estimate."